Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>The 2Q24 earnings were as strong as expected. The earnings momentum in 2H24E is likely to improve HoH (Xayaburi project sees seasonality in 3Q; the CFXD project will run at full capacity in 4Q, offsetting the expected weaker IU margin trend in 2H24E).</li><li>The key assumptions for 2024E remain within our projections. We maintain our view that the 2024E earnings will recover YoY and that 2-year EPS growth will remain flat.</li><li>The current valuation is attractive, with limited tactical downside risk. We maintain our Outperform rating, with a 12M FV of Bt50.70.</li></ul>

The 2Q24 earnings were as strong as expected. The earnings momentum in 2H24E is likely to improve HoH (Xayaburi project sees seasonality in 3Q; the CFXD project will run at full capacity in 4Q, offsetting the expected weaker IU margin trend in 2H24E).The key assumptions for 2024E remain within our projections. We maintain our view that the 2024E earnings will recover YoY and that 2-year EPS growth will remain flat.The current valuation is attractive, with limited tactical downside risk. We maintain our Outperform rating, with a 12M FV of Bt50.70.

Global Power Synergy - Strong 2Q24 Earnings as Expected, Driven by SPP Fleet